Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews".
Latest Action
Referred to the House Committee on Financial Services.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™House Joint Resolution 119 (HJRES 119) from the 118th Congress is a legislative measure aimed at disapproving a specific rule issued by the Securities and Exchange Commission (SEC). The rule in question pertains to private fund advisers and the documentation of compliance reviews conducted by registered investment advisers. The resolution was introduced in the House and referred to the House Committee on Financial Services but did not advance further and is currently classified as failed or expired. The bill falls under the policy area of Finance and Financial Sector and seeks to use the congressional disapproval process under chapter 8 of title 5, United States Code, which allows Congress to overturn certain federal agency rules.
HJRES 119 sought to nullify an SEC rule on compliance documentation for private fund advisers but did not progress beyond committee referral and is now expired.
- The bill targets a rule issued by the SEC concerning documentation requirements for registered investment advisers managing private funds.
- It uses the congressional disapproval mechanism under chapter 8 of title 5, U.S. Code, which allows Congress to reject federal agency rules.
- The resolution was referred to the House Committee on Financial Services on March 21, 2024, but did not advance and is currently failed or expired.
["Private fund advisers and registered investment advisers who would be subject to the SEC's compliance documentation rule", 'Financial services industry participants affected by SEC regulatory requirements', 'Congress, by exercising oversight authority over federal agency rulemaking']
["The resolution's failure to advance means the SEC rule remains in effect, which may have compliance cost implications for advisers", 'Use of the congressional disapproval process can limit agency regulatory authority and affect regulatory certainty', 'Lack of detailed bill text and summary limits understanding of specific provisions and potential implementation challenges']
HJRES 119 was introduced in the House during the 118th Congress as part of congressional oversight of SEC rulemaking. The bill reflects the use of the Congressional Review Act process to disapprove federal agency rules. The referral to the House Committee on Financial Services is a standard procedural step. The bill did not receive further action and is classified as failed or expired as of the latest update in May 2025.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
["Maintaining the SEC rule due to the bill's failure may lead to continued compliance costs and administrative burdens for private fund advisers.", 'The use of the disapproval resolution process signals congressional oversight priorities, potentially influencing future SEC rulemaking approaches.', "Failure of the resolution may reinforce the SEC's regulatory authority and set a precedent for the durability of similar rules."]
The bill's lack of an official summary and full text limits transparency and public understanding of its detailed provisions. The use of the Congressional Review Act process is a significant oversight tool allowing Congress to overturn agency rules, highlighting the importance of monitoring such resolutions. The bill's failure to advance underscores the challenges in using this mechanism to alter financial regulatory frameworks.
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